08 August 2009

Real Economic Development, Not Slogans

Half an Hour: Real Economic Development, Not Slogans:
Indeed, the remark reflects the fallacious belief that all private sector economic activity is wealth producing, while all public sector activity is wealth draining. This is simply not the case. A wide variety of public sector activities can directly drive revenue into the province (for example, sales of energy by a crown corporation) while others can drive it indirectly (for example, tourism marketing and promotion). Meanwhile, private sector activity can be nothing more than an unproductive drain on society.

Hear! hear!

And we know how private sector activity and "structural adjustment programmes" have impoverished many parts of Africa, though of course asset stripping does "produce" wealth for a few.

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